ISTANBUL

Japan-based Konica Minolta said on Thursday it will lay off 2,400 employees worldwide during the current fiscal year as part of structural reform.

The office business company in a statement said it aims to increase productivity to achieve medium-term business plan targets and sustainable growth after 2025.

The cuts will increase profit by around 20 billion yen [$132 million] in the fiscal year starting April 2025, it said, adding that "the measures will be implemented in compliance with local labor laws, rules, and regulations."

Operating in 150 countries, the company which makes photocopiers and medical diagnostic imaging equipment has approximately 40,000 employees.

Konica Minolta manufactured cameras and photo materials, but later diversified into copiers and healthcare equipment.